Saturday 17 October 2026 Export UGP’s income statement to Excel — free account

Ultrapar Participacoes S.A.

UGP Energy Oil & Gas Refining & Marketing

Ultrapar Participacoes S.A.’s revenue for fiscal 2025 (year ended December 2025) was $25.5 billion, up 3.02% from fiscal 2024. In the quarter to June 2026, revenue grew 36.7%, EPS grew 61.1%, free cash flow grew 873.6% and total debt rose 16.3%, each against the same quarter a year earlier.

7.80 0.16 +2.09%

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Market cap: $8.2B
P/E: 12.4×
Fwd P/E: —
Dividend yield: 4.82%
F-score: 5/9
Altman Z: 4.05
Beneish M: −2.74
Dividend safety: 35/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.04

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	1	4	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 8,180.00

Revenue 28,994.54

Net Income 734.10

Free Cash Flow 1,601.58

Net Debt 1,918.40

Current Ratio 1.64

Debt/Equity 0.96

P/E ratio 12.38

Fwd P/E —

P/S ratio 0.29

P/B ratio 2.11

Past 5Y EPS Growth 12.63%

This Y EPS Growth 98.93%

Next Y EPS Growth (28.31%)

Next Y revenue growth —

Next 5Y EPS Growth 16.24%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 32.69%

10-year low 10-year high

P/S against its own 10 years 72.83%

10-year low 10-year high

P/B against its own 10 years 55.40%

10-year low 10-year high

EV/Sales against its own 10 years 63.47%

10-year low 10-year high

EV/FCF against its own 10 years 9.00%

10-year low 10-year high

Dividends

Payout Ratio 0.62

Annual Dividend Rate 0.38

Annual Dividend Yield 4.82%

	total	individual payouts
2026	0.19	0.19
2025	0.32	0.08 0.06 0.18
2024	0.13	0.08 0.05
2023	0.07	0.02 0.05
2022	0.11	0.03 0.08
2021	0.12	0.08 0.04
2020	0.05	0.05
2019	0.14	0.09 0.05
2018	0.21	0.14 0.07
2017	0.27	0.14 0.13
2016	0.23	0.11 0.12

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	1,246	857	1,281	1,890
Receivables	1,351	1,117	1,075	1,330
Inventory	860	726	760	1,081
Other	260	244	289	309
	3,735	2,975	3,435	4,645

	2023	2024	2025	Q'26
Payables	1,146	840	832	1,379
ST’ Debt	399	659	761	881
Other	194	47	122	124
	2,249	1,945	2,122	2,826

Compound Annual Growth %

	10y	5y	3y
Sales	0.99%	10.10%	(2.87%)
Cash Flow	(0.01%)	9.91%	35.99%
Earnings	(0.43%)	20.45%	8.01%
Book Value	2.69%	10.56%	10.43%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	6,979	8,217	—	—	—
’25	5,689	6,011	6,799	6,999	25,498
’24	6,137	6,197	6,375	6,042	24,751
’23	5,881	5,978	6,653	6,736	25,248
’22	6,030	7,494	7,497	6,801	27,822
’21	4,383	5,386	6,108	4,457	20,334
’20	4,831	2,961	3,864	4,105	15,761

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	209	957	—	—	—
’25	1	166	398	413	977
’24	(116)	255	133	421	693
’23	(137)	175	390	343	771
’22	(226)	63	257	296	388
’21	24	218	119	119	479
’20	211	126	153	119	609

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	139	872	—	—	—
’25	(62)	90	291	299	617
’24	(164)	359	(122)	545	618
’23	(179)	165	373	257	616
’22	(267)	475	(278)	774	705
’21	(24)	152	53	94	275
’20	165	100	111	41	417

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.15	0.28	—	—	—
’25	0.05	0.17	0.12	0.06	0.29
’24	0.08	0.08	0.10	0.13	0.39
’23	0.05	0.04	0.16	0.20	0.45
’22	0.08	0.08	0.01	0.14	0.32
’21	0.02	(0.01)	0.06	0.06	0.14
’20	0.03	0.01	0.05	0.07	0.16

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	6.47	10.05	4.43	3.61	1.97	2.18	2.13	2.18	2.53	2.55	Analyst estimates 2026–2028 Powerpack
	High	12.25	12.70	13.24	7.90	6.68	4.70	3.21	5.51	6.35	4.40
People
People	Employees	15,173	16,448	17,034	16,024	15,946	16,442	9,778	9,729	9,558	11,302
	Revenue/emp, $m	1.46	1.52	1.46	1.41	0.99	1.24	2.85	2.60	2.59	2.26
Income, $m
Income, $m	Revenue	22,177	25,058	24,815	22,628	15,761	20,334	27,822	25,248	24,751	25,498
	Gross margin, %	9.06	9.09	6.79	6.84	6.91	4.47	5.12	7.39	7.26	6.57
	EBT	651	756	485	198	291	187	364	717	744	683
	EBT margin, %	2.94	3.02	1.95	0.88	1.85	0.92	1.31	2.84	3.00	2.68
	Net income	450	493	310	102	180	152	298	504	468	492
	Depreciation	320	372	328	384	305	223	297	353	328	368
Per share, $
Per share, $	Revenue	20.48	23.12	11.44	20.83	14.50	18.65	25.48	23.05	22.46	23.79
	Earnings	0.42	0.46	0.14	0.09	0.16	0.14	0.32	0.45	0.40	0.29
	Cash flow	0.67	0.66	0.36	0.68	0.56	0.44	0.36	0.70	0.63	0.91
	Capex	(0.43)	(0.58)	(0.17)	(0.26)	(0.18)	(0.19)	0.29	(0.14)	(0.07)	(0.34)
	Free cash flow	0.23	0.08	0.19	0.42	0.38	0.25	0.65	0.56	0.56	0.58
	Book value	2.27	2.81	1.24	2.29	1.77	1.78	2.16	2.57	2.66	2.96
	Shares, m	1,083	1,084	2,168	1,086	1,087	1,091	1,092	1,095	1,102	1,072
Valuation, ×
Valuation, ×	P/E	25.76	25.91	24.18	62.60	28.56	20.31	7.03	12.00	6.58	9.20
	P/S	0.52	0.51	0.59	0.30	0.31	0.14	0.09	0.23	0.12	0.16
	P/B	4.66	4.20	5.47	2.73	2.56	1.48	1.01	2.11	0.99	1.27
	EV/Sales	0.59	0.60	0.68	0.42	0.45	0.26	0.13	0.29	0.20	0.26
	EV/FCF	52.08	183.17	41.06	20.87	17.06	19.55	5.58	13.55	10.15	13.68
Cash, $m
Cash, $m	Operating cash flow	721	714	790	741	609	479	388	771	693	977
	Capex	(470)	(632)	(377)	(287)	(192)	(204)	316	(155)	(74)	(359)
	Free cash flow	251	82	414	454	417	275	705	616	618	617
Balance, $m
Balance, $m	Working capital	2,157	2,564	2,702	2,499	1,600	2,295	1,123	1,486	1,030	1,313
	Total debt	3,273	4,256	4,160	3,997	3,676	3,250	2,528	2,600	2,868	3,849
	Net debt	1,642	2,287	2,301	2,678	2,183	2,493	1,338	1,354	2,011	2,567
	Shareholders’ equity	2,454	3,045	2,681	2,492	1,923	1,940	2,358	2,810	2,934	3,176
Returns, %
Returns, %	ROA	6.72	6.24	3.66	1.16	2.32	2.21	4.88	6.64	5.84	5.43
	ROIC	13.59	10.53	6.52	3.98	5.35	4.67	10.93	13.73	11.89	9.83
	ROE	18.32	17.94	10.99	3.66	7.85	8.16	16.23	18.91	15.25	14.39

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
PBF PBF Energy Inc.	$10.3B	7.4×	4.0×	+56.23% (above 0%: growing)	n/m	+4,076.29% (above 0%: growing)	15.56%	10.89%	Compare
SUN Sunoco LP	$9.9B	16.3×	7.2×	+164.55% (above 0%: growing)	+184.85% (above 0%: growing)	+955.68% (above 0%: growing)	10.27%	4.09%	Compare
UGP Ultrapar Participacoes S.A.	$8.2B	12.4×	—	+36.71% (above 0%: growing)	+61.11% (above 0%: growing)	+873.56% (above 0%: growing)	11.12%	7.25%
CVI CVR Energy Inc.	$6.2B	90.3×	90.4×	+55.48% (above 0%: growing)	n/m	+104.65% (above 0%: growing)	4.27%	2.85%	Compare
IEP Icahn Enterprises L.P.	$4.7B	— (loss-making)	18.5×	+25.58% (above 0%: growing)	n/m	+12.90% (above 0%: growing)	3.09%	(8.67%)	Compare
DK Delek US Holdings, Inc.	$4.7B	20.8×	12.2×	+47.83% (above 0%: growing)	n/m	+173.86% (above 0%: growing)	8.93%	7.40%	Compare
PARR Par Pacific Holdings, Inc.	$4.2B	4.8×	4.1×	+56.80% (above 0%: growing)	+707.63% (above 0%: growing)	+176.88% (above 0%: growing)	28.72%	21.37%	Compare
SHI SINOPEC Shangai Petrochemical Company, Ltd.	$3.8B	117×	18.4×	+2.18% (above 0%: growing)	n/m	+88.32% (above 0%: growing)	15.31%	(0.73%)	Compare
DKL Delek Logistics Partners, L.P.	$3.2B	20.0×	15.8×	+56.18% (above 0%: growing)	−34.94% (below 0%: shrinking)	+193.34% (above 0%: growing)	17.18%	16.09%	Compare
Median of peers	$4.7B	20.0×	14.0×	+55.83%	+184.85%	+175.37%	12.79%	5.75%

All 19 Oil & Gas Refining & Marketing stocks →

Ultrapar Participacoes S.A. (UGP) key facts

Strength: Ultrapar Participacoes S.A.’s revenue for fiscal 2025 (year ended December 2025) was $25.5 billion, up 3.02% from fiscal 2024.
Ultrapar Participacoes S.A. (UGP) is an Oil & Gas Refining & Marketing company in the Energy sector, traded in the US as an ADR.
As of October 16, 2026, UGP traded at $7.80, a market capitalization of $8.2 billion.
Ultrapar Participacoes S.A. pays an annual dividend of $0.38 per share, a yield of 4.82%, with a payout ratio of 61.6%.
Return on equity was 14.4% and debt-to-equity 0.96.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 4.05 (safe zone) for fiscal 2025.